Bubble
Circle USYC USYC
Circle USYC (USYC) was trading at $1.13, ranked #41 by market cap at $3.01B, with 24h volume of $793.
Data snapshot: 2026-08-03 09:00 UTC.
USYC is Hashnote's tokenized short-term US Treasury and repo fund, now owned by Circle. It's built as institutional-grade, yield-bearing collateral and is used within parts of Circle's own stablecoin and settlement infrastructure — trading volume is typically very low since it's held for yield rather than actively traded. USYC is a tokenised short-term Treasury and repo fund, aimed at institutions that want to hold yield-bearing cash equivalents on-chain and use them as collateral rather than parking value in a non-yielding stablecoin. The practical significance is collateral efficiency: if margin at a trading venue can be posted in an instrument that earns Treasury yield, the cost of holding it falls. That is a plumbing improvement rather than a consumer product, and it is a good example of why this sector grows through institutional adoption rather than retail interest.
What is USYC?
A tokenised fund holding short-term Treasuries and repo, giving on-chain holders exposure to cash-equivalent yield.
Why does collateral efficiency matter?
If margin can be posted in an instrument that earns Treasury yield rather than in a non-yielding stablecoin, the cost of maintaining a position falls.
Who is it for?
Institutions and trading firms rather than retail holders. Access is generally restricted by investor qualification.
Does it trade like a stablecoin?
Its value is close to a dollar and rises with accrued yield, but it is a fund share rather than a payment token, with different redemption terms and restrictions.
Market cap decides how big a bubble is drawn, so rank is what places USYC on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #9 | Figure Heloc (FIGR_HELOC) | $20.31B |
| #35 | Ondo (ONDO) | $1.94B |
| #36 | PAX Gold (PAXG) | $1.85B |
| #41 | Circle USYC (USYC) | $3.01B |
| #46 | BlackRock USD Institutional Digital Liquidity Fund (BUIDL) | $2.70B |